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Media/Investor Relations
News Release
NOT FOR RELEASE IN THE UNITED STATES OR DISTRIBUTION TO US NEWS SERVICES
This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of Ithaca Energy Inc., nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of Ithaca Energy Inc.
The securities of Ithaca have not been registered under the US Securities Act 1933, as amended, or any state securities law, and they may not be offered or sold in the United States unless an exemption from registration is available.
ITHACA ENERGY ANNOUNCES AWARDING OF SHARE OPTIONS UNDER THE COMPANY'S STOCK OPTION PLAN
LONDON, U.K. - CALGARY, ALBERTA, May 18, 2007 -- Ithaca Energy Inc. (LSE-AIM: IAE, TSX-V: IAE), a Canadian independent oil & gas company with exploration and development assets in the UK North Sea, announces that on May 17, 2007, in accordance with the Company's Stock Option Plan, the Board of Directors approved the granting of 1,805,000 share options to Directors and Employees at a price of CDN $2.51 which was the closing price on the TSX Venture Exchange on Thursday, May 17, 2007. The options shall be granted effective May 17, 2007 and are exerciseable for a period of four years from that date. One third of the options will vest at the end of each of the first, second and third years from the effective date.
Of the recipients, a total of 1,250,000 share options were granted to Directors as follows:
| Lawrence Payne |
CEO and Director |
400,000 |
| Neill Carson |
COO and Director |
350,000 |
| Brad Gunn |
CFO and Director |
300,000 |
| John Summers |
Chairman and Director |
50,000 |
| Frank Wormsbecker |
Director |
50,000 |
| Michael Nobbs |
Director |
50,000 |
| Jay Zammit |
Director |
50,000 |
This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The common shares may be offered or sold in other eligible foreign jurisdictions and to U.S. buyers on a private placement basis pursuant to an applicable exemption from registration requirements in Rule 144-A or Regulation D of the United States Securities Act or 1933, as amended.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects", "believes", "anticipates", "plans", "may", "will", "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and CEO of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release.
Enquiries:
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Ithaca Energy Inc:
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Office: |
Mobile |
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Lawrie Payne |
In London:
+44(0) 20 7590 3027 |
+44(0)7841 678668 |
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Brad Gunn |
In London:
+44(0) 20 7590 3026 |
+44(0)7920 019355 |
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In Calgary:
+1 (403) 668 9599 |
+1 (403) 389 4107 |
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Nabarro Wells & Co. Limited |
Office: |
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Marc Cramsie |
+44(0) 20 7710 7400 |
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| John Wilkes
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+44(0) 20 7710 7400 |
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Pelham Public Relations |
Office: |
Mobile |
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Charles Vivian |
+44(0) 20 7743 6673 |
+44(0)7977297903 |
| Philip Dennis
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+44(0) 20 7743 6363 |
+44(0)7947868206 |
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